Venture West Funding Inc., a Manhattan Beach, Calif.-based mortgage brokerage firm, has arranged approximately $10.23 million in loans on two apartment buildings located in the Hollywood area of Los Angeles. The loans were placed through Venture West's relationship with lender CapitalSource.
One loan for $6.52 million is nonrecourse and secured by a 75-unit rent-controlled building. The second loan is a $3.7 million loan that is interest-only for the first two years and secured by a 26-unit non-rent-controlled building.
Tony Fire, a senior loan consultant for Venture West Funding, arranged both loans, which were structured at a 75% loan-to-value ratio.
SOURCE: Venture West Funding
